Business
Prudential plc – HY24 Results – Business Review
Prudential plc – HY24 Results – Business Review.
About this update from Prudential Plc
[{"type":"text","content":"\n\n\nNEWS RELEASE\n28 August 2024\nPRUDENTIAL PLC HALF YEAR 2024 RESULTS: PROGRESS CONTINUES IN 2024\nPrudential plc (\"Prudential\"; HKEX: 2378; LSE: PRU) today announced its financial results for the six months ended 30 June 2024.\nPerformance highlights on a constant (and actual) exchange rate basis\n- New business profit of $1,468 million. This was up 8 per cent (6 per cent) excluding the effect of interest rate and other economic impacts and up 1 per cent (down (1) per cent) after allowing for these impacts\n- Adjusted operating profit up 9 per cent (6 per cent) to $1,544 million\n- First interim dividend of 6.84 cents per share (2023: 6.26 cents per share on an AER basis), up 9 per cent\n- First tranche of $2 billion share buyback in execution. As at 22 August 2024, 22 million shares have been repurchased for £150 million ($192 million)\n- EEV shareholders' equity (before minority interests) equivalent to 1,644 cents per share (31 December 2023: 1,650 cents per share on an AER basis). After minority interests EEV shareholders' equity was 1,575 cents per share.\n- Free surplus ratio of 232 per cent (31 December 2023: 242 per cent) and a GWS shareholder capital surplus over GPCR of $15.2 billion, equivalent to a cover ratio of 282 per cent (31 December 2023: 295 per cent)\nCommenting on the Results, CEO Anil Wadhwani, said:\n\"We entered this year with a clear strategy and a set of outcomes we are confident in achieving by 2027, namely a compounded annual growth rate for new business profit of 15 to 20 per cent and double-digit for cash generation, both measured from a 2022 base. In the first half of 2024, we delivered high quality new business profit growth of 8 per cent alongside increased margins, on an ex-economics basis, and adjusted operating profit up 9 per cent. This followed exceptional growth of 47 per cent (excluding economic impacts) in new business profit for the full year 2023, resulting from the strong rebound in Hong Kong after the removal of Covid restrictions and the opening of the border with the Chinese Mainland. We announced a $2 billion share buyback programme, to return capital to shareholders while we continue to invest in growth opportunities.\"\nBusiness commentary\nOur resilient performance in the first half of 2024 was achiev...